Asset management company VanEck has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin spot exchange-traded fund (ETF). In a statement issued on January 5, VanEck announced its intention to allocate 5% of the profits from this ETF to support Bitcoin Core developers, should the SEC grant approval. Regardless of the SEC's decision, VanEck has committed to donating $10,000 to a developer.
As of this report, the SEC has yet to approve a Bitcoin spot ETF for listing on any U.S. exchange. However, there is anticipation that the commission might decide before the January 10 deadline for a filing by ARK Invest and 21Shares. On January 4, VanEck filed with the SEC to list shares of its Bitcoin ETF on the Cboe BZX Exchange.
Several other asset managers, including BlackRock, Bitwise, Fidelity, Grayscale Valkyrie, Invesco Galaxy, and WisdomTree, are also waiting for the SEC's decision. In December, VanEck launched a media campaign to promote its ETF, following similar initiatives by Bitwise and Hashdex.
In a related move, VanEck pledged in September to donate 10% of the profits from its 10-year Ether futures ETF to Ethereum core developers. The SEC has previously approved crypto investment products based on BTC and ETH futures. The approval of a Bitcoin spot ETF could significantly influence the broader adoption of cryptocurrency.
